First Merchants (FRME) Financial Ratios

For fiscal 2025 (fiscal year ended Dec 31, 2025), First Merchants had a P/E ratio of 9.67 (down from 11.73), return on equity of 9.5% (up from 8.8%), debt-to-equity of 0.43 (down from 0.55) and return on assets of 1.2% (up from 1.1%). Its dividend yield was 3.92% with a payout ratio of 37.5%.

First Merchants Financial Ratios Analysis

Valuation, profitability, leverage, and liquidity ratios

Income Statement Balance Sheet Cash Flow Ratios

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Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Valuation Ratios
P/E Ratio	9.67	11.73	10.00	11.10	10.99	13.66
Forward P/E	9.35	11.25	10.73	8.76	11.69	14.53
P/S Ratio	3.38	3.83	3.43	4.00	4.34	4.68
P/B Ratio	0.88	1.01	0.99	1.20	1.18	1.08
Price/Tangible Book	1.26	1.51	1.50	1.94	1.68	1.56
Price/OCF	7.64	8.79	8.57	8.61	10.49	9.96
PEG Ratio	1.61	1.61	1.61	1.61	1.61	1.59
Enterprise Value Ratios
Profitability & Returns
Return on Equity (ROE)	9.47%	8.85%	10.45%	11.25%	10.85%	8.12%
Return on Assets (ROA)	1.21%	1.10%	1.23%	1.33%	1.39%	1.12%
Leverage & Solvency Ratios
Debt/Equity	0.43	0.55	0.50	0.70	0.36	0.42
Liquidity Ratios
Efficiency Ratios
Yield & Distribution Ratios
Earnings Yield	10.43%	8.61%	10.08%	9.07%	9.10%	7.32%
Dividend Yield	3.92%	3.72%	4.01%	3.52%	3.22%	3.31%
Payout Ratio	37.52%	41.46%	36.61%	33.39%	29.79%	38.05%
Buyback Yield	1.38%	1.61%	-2.65%	-7.35%	0.44%	-5.16%
Total Return	5.30%	5.32%	1.35%	-3.83%	3.65%	-1.85%

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About First Merchants Financial Ratios

What is First Merchants's P/E ratio?

First Merchants's P/E ratio was 9.67 for fiscal 2025 (period ended Dec 31, 2025). It was 11.73 a year earlier.

What is First Merchants's return on equity?

First Merchants's return on equity (ROE) was 9.5% for fiscal 2025 (period ended Dec 31, 2025). It was 8.8% a year earlier.

What is First Merchants's debt-to-equity ratio?

First Merchants's debt-to-equity ratio was 0.43 for fiscal 2025 (period ended Dec 31, 2025). It was 0.55 a year earlier.

What is return on equity (ROE)?

Return on equity is net income divided by shareholders' equity. It measures how much profit a company generates from the capital its shareholders have invested. Full definition